Saturday, November 10, 2012

Massive Europe job cuts incoming. Lovely.

They have their generous social welfare and free healthcare so whats the problem? Free stuff for everyone!
Companies as diverse as telecoms equipment group Ericsson, bank ING, steel group Kloeckner and engineering firm Bombardier announced sweeping job cuts on Wednesday as economic worries spread across some of Europe's strongest economies.

Even previously safe haven Nordic states like Sweden have had to adjust to lower demand. World number one mobile telecom network equipment maker Ericsson (ERICb.ST) said it was cutting 9 percent of staff there.

Germany's second-biggest lender, Commerzbank (CBKG.DE), was reported by newspaper Die Zeit to be set to cut 5,000-6,000 jobs and Dutch financial group ING (ING.AS) said it aimed to lose more than 2,000 jobs worldwide.

That would add to the 10,000 jobs in the financial sector which Swiss giant UBS plans to cut.

European Central Bank President Mario Draghi said on Wednesday that investors were returning to the euro zone, but the European Commission forecast barely any growth in the single currency area next year.

"Make no mistake about it, this is an across-the-board economic downturn that's sparing no country in the EU," said Nicholas Spiro, director of Spiro Sovereign Strategy consultants in London.

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